New Delhi: DLF’s dream of building another luxury premium project near the Golf Course Road, Gurgaon, has been hit by a recent order of the Punjab and Haryana high court, setting aside the Haryana government’s allotment of 350 acres.

The land was acquired in an auction for Rs 1,750 crore in 2009-10. The allotment was challenged by farmers and a village panchayat in 2011. In 2012, the HC asked DLF not to carry out any construction or create third-party rights on the lot.

This plot is behind DLF Phase-V and near Sectors 42, 53 and 54. The recreational and luxury project planned on the lot in question would have included a golf course, a low-rise residential complex and commercial properties such as service apartments, hotels and a sports complex, convention centre and food court.

DLF might have suffered another jolt to its brand because of the latest court verdict, two brokers tracking the National Capital Region market told Business Standard.

It has premium projects around the Golf Course road — The Camellias, The Crest, The Aralias and The Magnolias. Currently, one of the most expensive apartments by DLF here has been priced at Rs 25,000/sq ft and many experts say this future project (at a place called Wazirabad) could have been priced at Rs 35,000-40,000/sq ft, going by the local trend.

In a statement to the BSE exchange, DLF said the High Court, while upholding the acquisition, had made some observations regarding the allotment; a copy of the order was still awaited. “The land was awarded to DLF by two rounds of international competitive bidding,” it said.

DLF had emerged as the sole bidder for the 350-acre project after the bids of other parties — Unitech and a Malaysia-based consortium comprising Country Heights, Country Club of South Africa and Rajarhat IT Park — could not qualify on technical grounds. The qualified bidder, DLF, had bid at Rs 12,000 a sq metre against the reserve price of Rs 11,978 a sq metre. The letter of acceptance was issued by Haryana State Industrial and Infrastructure Development Corporation.

Last week, the Supreme Court directed DLF to deposit Rs 630 crore in its registry within three months, rejecting a request to stay an order of the Competition Commission of India which had imposed the penalty for unfair trade practices at its Belaire project in Gurgaon.

Home-owners in scores of housing societies in Indirapuram have been served notices by the Ghaziabad Development Authority that their flats will be seized unless deeds of declaration are submitted to the civic agency

With assembly elections round the corner, the Punjab and Haryana high court's order on Wednesday cancelling the auction that saw 350.7 acres of land being allotted to real estate giant DLF came as a big jolt to the Haryana government

E-commerce is no longer limited to apparels, gadgets and white goods — consumers are even buying houses over the internet. Tata Value Homes, a subsidiary of Tata Housing Development Company, for instance, sold about 85 flats on Snapdeal within a week of putting some of its projects online

Indian real estate market witnessed a significant change in the last decade mainly backed by opening up of FDI in the sector and shift in preference to high-rises over traditional low-rise structures, according to a report

The city's high-end residential segment has shown a smart 39% rise in capital value in the 2011-14 period — the highest any market has shown in the country, a report by real estate advisory company Cushman & Wakefield has said